Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE

UAE to issue dollar-denominated dual-tranche sovereign bonds

The bonds will be issued with a 10-year tranche and a 30-year Formosa tranche

World Cup host Qatar demurs on VAT, will wait for ‘right time’

“We will look to the right time to apply such taxes” – Finance Minister Ali Al Kuwari

bu Dhabi Securities Exchange lists $8.25 billion of TAQA bonds

Abu Dhabi’s ADX lists TAQA bonds valued at $8.25bn

The bonds were largely issued as part of TAQA’s Global Medium Term Note Programme and are listed on the London Stock Exchange

ADIB_visa partnership

UAE’s ADIB, Visa partner to boost adoption of digital payments

ADIB and Visa’s partnership will drive the growth of digital payments through data-led solutions and deliver differentiated products in the market

Saudi Crown Prince and King of Jordan

Saudi investments in Jordan amount to $14bn: Saudi Chambers of Commerce and Industry

The figures were cited in an economic report issued by the Saudi Chambers of Commerce and Industry during Saudi Crown Prince Mohammed bin Salman’s visit to Jordan

ASIF ADIA ADQ

UAE’s ADIA, ADQ sign Rabat Declaration, support first Africa Sovereign Investors Forum

In addition to ADIA and ADQ, Kuwait Investment Authority and Qatar Investment Authority were among the GCC entities present at the forum

food Security _ ACG

Arab Coordination Group announces $10bn package to support food security goals

The funds from the group will be deployed over the next three years to cover the import costs of seeds, grains and fertilisers and alleviate food supply challenges

ADX launches FADX 15 Futures

UAE’s ADX launches FADX 15 Futures, the exchange’s first index derivatives  

FADX 15 futures are cash-settled contracts that will replicate the price performance of the benchmark FADX 15 index

Apicorp Khalid Ali Al-Ruwaigh

APICORP leverages preferred creditor status to launch A/B loan programme

The A/B loan structure will help support APICORP’s less developed member countries and encourage private sector participation

Carlyle seeks $325m from Gulf Domino’s Pizza operator IPO

Carlyle is selling a 41.7 per cent stake in Alamar, or 10.6 million shares, to institutional and retail investors

UAE: Ministry of Finance announces second auction of federal treasury bonds

Bonds amounting to Dhs750m will be offered for a two-year tranche, and Dhs750m for a three years tranche

Karim Awad - valu to sell minority stake to Alkohair

Egypt’s largest BNPL platform, valU to sell minority stake to Alhokair family

Alhokair family has acquired a 4.99 per cent stake in valU through a capital injection of $12.4m, signifying a valuation of $247.4m for the company

Ajman finance department

Ajman’s finance department selects Oracle Cloud to bolster emirate’s economy

It will enable the department to increase productivity, reduce costs and improve controls and optimise its supply chain management

Bitcoin

Bitcoin hovers around the $20,000 level after a volatile weekend

Bitcoin is down about 57 per cent since the start of the year

Sohar International eyes merger with HSBC Bank Oman

Sohar International recorded a 41.6 per cent increase in net profit to OMR28.3m for the year ended December 31, 2021

Mastercard NymCard tie-up

Mastercard certifies NymCard as a principal issuer

Fintechs, startups and financial institutions can now plug and play into NymCard’s modern BaaS infrastructure to issue their own Mastercard cards

Dubai-Internet-City Tecom Group

Dubai’s Tecom Group sets IPO price range at Dhs2.46-2.67

The final offer price is expected to be announced on June 27, 2022

central bank

UAE Central Bank raises base rate by 75 basis points

Central banks across the GCC have also raised their interest rates

Bahrain’s BBK appoints seven women to boards of group firms

The Bahraini women are among a growing number of females taking on leadership roles across the Gulf region

developer portal

Abu Dhabi’s ADIB launches API developer portal to drive open banking

The new portal will enable fintech developers to use the lender’s APIs for the purpose of developing their own applications

Cathal Dowling Director invesco talks bonds, negative returns and more

From negative returns to bond yields, current investment trends mapped

Trends show investors have been buying bonds in a range of financial and corporate issuers, where yields provide a boost to the income the funds produce

Bitcoin

Bitcoin drops to one-month low as US CPI report hurts sentiment

The world’s largest digital token tumbled as much as 6.4 per cent to $25,593, its lowest level since May 12

How wealth advisory must be customised for the new generation

Millennials and Gen Z are increasingly take their place in the boardrooms of family businesses

digital cash

Fundamental question: Does your country really need digital cash?

Whether you’re Poland or Peru should make a big difference in deciding just how big a priority a central bank digital currency should be

expensive cities

These are the world’s 20 most expensive cities for expats

ECA International analyses the cost of consumer goods and services in more than 490 locations worldwide, while accommodation data is also factored in

VaultsPay and Wibmo launch pre-paid card for underbanked in GCC

VaultsPay, Wibmo to launch pre-paid card for GCC’s underbanked segment

Aimed at serving the large population of underbanked people in region, the pre-paid card will go live in the third quarter of the year

HSBC boosts Saudi investment banking team amid flurry of deals

International banks including Citigroup and Bank of America have been expanding in the kingdom

sheila alrowaily Aramco

Aramco executive becomes first woman on Saudi Central Bank board

Sheila Alrowaily is among a growing number of women taking on leadership roles in finance across the Gulf region

UAE’s trade surplus with GCC countries equals Dhs134.7bn in 2021

UAE imports from GCC countries in 2021 increased to Dhs56.3bn, compared to Dhs43.8bn in 2020

Central banks to increase gold holdings over crisis concerns

Anticipated changes in the international monetary system and concerns over rising economic risks in reserve currency economies are also major factors